The Competition Commission of India (CCI) on Wednesday, August 8, announced it has approved Walmart’s proposed acquisition of Flipkart.
In May, Walmart announced its acquisition of 77% stake of Flipkart in its biggest takeover till date.
The deal values the 11-year old Indian e-commerce firm at US$20.8 billion.
“@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc,” the regulator wrote in a tweet.
The company had been facing opposition to its US$16 billion proposal to acquire Flipkart from shopkeepers and traders affiliated with the Confederation of All India Traders, kicking off protests around the country.
Full Content: NDTV